Is Now a Good Time To Buy? (Covid-19)

Diane Buchanan • March 30, 2020

If you’ve been thinking about buying a new home, chances are the instability of the Canadian economy and the impact Covid-19 has you second-guessing yourself. And chances are, at this point in time, you are probably right to do so.

Right now there is uncertainty in the Canadian housing market. We’re in uncharted waters and the full impact of Covid-19 has yet to be seen. Obviously, as people continue to self-isolate, we can expect sales numbers to drop.

But as real estate agents find new ways to make house-hunting accessible online through virtual tours, coupled with incredibly low interest rates, it’s certainly not as cut and dry as might be expected.

So, is right now a good time to buy a home? Well, that’s tough to answer, but what if you looked at it another way?

Instead of basing your buying decision on external market factors, consider asking yourself, is now a good time to buy a home for me?

When you stop looking at the market to determine your timing to buy a home, and instead examine your personal financial situation and your reasons for buying a home, the picture becomes clearer.

Consider asking yourself the following:

  • Does buying a new home now put me in a better or worse financial position?
  • Is there a chance I could lose my job or get laid off because of Covid-19?
  • Have I saved enough money for a downpayment?
  • Do I have a plan in place if I get sick and I’m not able to work for any length of time?
  • Is there any scenario where I might have to sell quickly and potentially lose money?
  • Do I really want to buy, or am I feeling the pressure that if I don’t buy now, I might never be able to?
  • Am I scared that if I buy now, the market will crash the second I do?

Regardless if you decide now is a good time to buy, or to wait, consider putting a plan in place! A plan makes all the difference.

If you decide to wait, consider ways to save a little extra money for the downpayment or to squirrel away in your emergency fund. Interest rates won’t be going through the roof anytime soon (slight fluctuations are normal), so don’t feel you need to be in a hurry.

If you decide now is a good time to buy start with a mortgage pre-approval. Contact me anytime ; we can go over your financial situation, complete an online mortgage application and put together a plan.

Although Covid-19 has significantly impacted the way we live our lives, life will go on. People will continue to buy and sell houses, albeit maybe not as many for a while. But we all need places to live and we can’t let fear make our decisions for us.

Having a plan in place is what allows you to have certainty in these uncertain times!

DIANE BUCHANAN
 Mortgage Broker

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Bank of Canada Holds Rate at 2.25% — April 29, 2026

By Diane Buchanan • April 29, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. This decision comes against a backdrop of significant global uncertainty — and for Canadian homeowners, buyers, and anyone with a mortgage coming up for renewal, here's what it means.

Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart

By Diane Buchanan • April 22, 2026
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.